The money that a business spends.

Vendors; businesses from which other businesses buy goods or services.

the physical and social characteristics of the population.

an economic system in which individuals and groups, rather than the government, own or control the means of production the human and natural resources and capital goods used to produce goods and services also known as private enterprise.

a promise made to the consumer that a product's purchase price will be refunded if the product is not satisfactory, often called a money back guarantee.

a company that operates under the leasing business model, which involves renting out assets like real estate, vehicles, or equipment to other businesses or individuals for a set period

Income received from an investment

A guarantee that protects a business when another person or business fails to fulfill the terms of a contract between them

A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected

caller Kefauver antimerger act

A federal regulation that established a regulatory agency, the Federal Trade Commission (FTC), to monitor business activities in order to prevent unfair competition

A federal regulation intended to prevent specific business actions that might restrict competition

An illegal agreement that forbids customers from buying goods and services from competitors

A market structure in which there are relatively few sellers, and industry leaders usually determine prices

A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers; also known as pure competition

Illegal business agreement in which businesses agree on prices of their goods or services, resulting in little choice for the customer

A return of part of the price a customer pays for a good or service; usually offered by the product's manufacturer

A monopoly that the government allows to exist legally under controlled conditions

A federal regulation that prohibits price discrimination

The general conditions in which people live; quality of life

An illegal agreement requiring a customer to buy other products in order to obtain desired goods and services

The quantity of a good or service that buyers are ready to buy at a given price at a particular time

Financial risks that a business cannot control, such as inflation and interest rate fluctuations

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BE 204/205

Business Essential

Term	Definition
expenses	The money that a business spends.
suppliers	Vendors; businesses from which other businesses buy goods or services.
Bilk	cheat, swindle, defraud.
Demographics	the physical and social characteristics of the population.
free enterprise	an economic system in which individuals and groups, rather than the government, own or control the means of production the human and natural resources and capital goods used to produce goods and services also known as private enterprise.
guarantee	a promise made to the consumer that a product's purchase price will be refunded if the product is not satisfactory, often called a money back guarantee.
lease	a company that operates under the leasing business model, which involves renting out assets like real estate, vehicles, or equipment to other businesses or individuals for a set period
return	Income received from an investment
revenue	income
Surety bond	A guarantee that protects a business when another person or business fails to fulfill the terms of a contract between them
Warranty	A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected
caller Kefauver antimerger act	A federal regulation that established a regulatory agency, the Federal Trade Commission (FTC), to monitor business activities in order to prevent unfair competition
clayton act	A federal regulation intended to prevent specific business actions that might restrict competition
exclusive agreement	An illegal agreement that forbids customers from buying goods and services from competitors
oligopoly	A market structure in which there are relatively few sellers, and industry leaders usually determine prices
price competition	A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers; also known as pure competition
price fixing	Illegal business agreement in which businesses agree on prices of their goods or services, resulting in little choice for the customer
rebate	A return of part of the price a customer pays for a good or service; usually offered by the product's manufacturer
regulated monopoly	A monopoly that the government allows to exist legally under controlled conditions
Robinson Patman act	A federal regulation that prohibits price discrimination
standard of living	The general conditions in which people live; quality of life
tying agreement	An illegal agreement requiring a customer to buy other products in order to obtain desired goods and services
Demand	The quantity of a good or service that buyers are ready to buy at a given price at a particular time
Economic risks	Financial risks that a business cannot control, such as inflation and interest rate fluctuations

Created by: user-1998152

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